The South Korean Parliament could soon approve a bill on tokenized securities, finally giving national companies the right to launch coins fueled by blockchain technology linked to real estate, raw materials, breeding and works protected by copyright.
According to the South Korean news agency Yonhap, two bills which offer institutionalizing tokenized titles are pending before the National Assembly Committee of the National Assembly.
Tokenized titles: at the top of the political agenda?
The bills were written by ministers Min Byeong-Deok and Kim Jae-Seop. The National Assembly has actually been blocked since December of last year, when former President Yuoon Seok-Yeol tried without success to impose martial law.
But after yesterday’s inauguration of President Lee Jae-Myung of the Democratic Party (DP), the end of the dead end is now in sight.
The DP has a large majority in Parliament. The senior party officials have repeatedly called for Seoul to legalize the security tokens (STOS).
This would reverse a very unloved general ban on all forms of public tokens emissions based on blockchain. The ban dates back to the end of the 2010s.
Yonhap has written that expectations are now high that legislators will “quickly” turn their attention to STO regulations.
The news agency wrote that expectations concerning approval increased in previous sessions. Many considered that the committee was about to approve bills.
The two bills did not succeed in the previous session “due to external factors such as the dead end of the National Assembly,” wrote Yonhap. The agency added: “However, the industry thinks that a lot has changed since.”
Companies ready to act
Dozens of South Korean companies have been sitting on offers related to Tokenized Titles for years, in anticipation of favorable legislation. This issue includes large financial suppliers, telecommunications giants and main technological companies.
Former President Yoon has repeatedly committed to authorizing the approval of Sto, but was not able to keep his promises.
The national companies have told the media that they hope that the same thing will not be true for the government of President Lee.
The legislators have reached de facto consensus on the need to legalize Stos, and the largest securities companies in the country want Seoul to accelerate the necessary legislation.
Many suppliers say that this will help them to diversify their offers from financial investment products. Yonhap explained:
“Parties in power and opposition show, unusually, a strong desire to activate the Sto market. A bipartite consensus emerges. “
Boost of financial inclusion
Legislators believe that Stos will help stimulate financial inclusion. They think that Sto will allow the public to make micro-investments, passing as little as 10,000 won ($ 7.39) to invest in real estate assets or expensive works of art.
However, while the media has suggested that politicians will probably move forward with a vote on the bills of Min or Kim Once the business is as usual in the National Assembly, the controversy surrounding the fate of Yoon continues to disturb the activities of the Chamber.
The DP wishes to deal with several laws on special proceedings while seeking to launch an investigation into the wife of Yoon, Kim Keon-Hee.
The latter was accused of crimes, in particular fraud, the handling of stock markets, tax evasion and corruption.
The Party of Power of the Opposition people protested against the movements of the DP. The first says that a plenary session calendar has not yet been agreed.
President Lee also promised to launch a stablecoin at the KRW at the prospect of the June 3 elections. He and Min said that a Stablecoin Gagné could help South Korea “guarantee a safe post in the global battle for the hegemony of Stablecoin”.
The South Korean Parliament “ready to approve the bill on tokenized titles” appeared first on Cryptonews.
